Friday, September 28, 2012

Romney in '85: Bain objective was to buy up companies and "harvest them at a significant profit"

By Michael J.W. Stickings

In other words, to "identify potential value and hidden value in a particular investment candidate" and then to do whatever it takes to maximize profit," including outsourcing jobs, without much regard, if any, for the human costs of this "business."

Look, I get it, this is what a great deal of capitalism is about, and it goes on all the time. What Bain did under Romney, and what it does today, isn't anything special, however devastating. But this serves to remind us that Romney's much-touted business experience isn't business in the sense of making things and selling them but business in the sense of making ruthless investments and profiting off them at all cost. It certainly doesn't qualify him as a "job creator," let alone as someone who can handle the huge challenges of managing the U.S. economy.

But at least he was just being honest, way back when before he sold whatever was left of his soul to run for national office as a Republican. And that makes this clip so much revealing as refreshing. It's just weird to see Romney telling the truth and being so open about himself and his objectives.

Labels: , , , ,

Bookmark and Share


Post a Comment

<< Home